My bias for this pair is long. On the daily time-frame we have an inverted hammer indicating a reversal from the lows. This has occurred at the support zone 1.17000 which is also a psychological zone. A break of the down trend and retest of this zone will be my indication to go long.
This pair has been trading in a consolidation range and has broken to the upside with the resistance now turning to a support area. With weakness shown from the pound today I expect this pair to reach the major resistance area at 0.92200.
My Bias for this pair has now changed. Pound has showed signs of weakness this morning with this pair breaking below an important support area as well as a small up-trend. Looking for this pair to retest the lows.
Here we can see a simple break out of the down trend and resistance area. Price has re-tested both levels and we are now looking for longs.
I will be looking at a 1:3 risk to reward here.
We have a lovely descending trend line on this pair. Price will test this trend line again at 120.500 area which is also a resistance level.
Price action at this area will be key before entering this trade.
Here we can see this pair has broken below the support area at 1.80600. This support then changed to a resistance level when the pair came back to retest this level.
Looking at this pair to continue down to 1.78617
We can see that CHFJPY has been respecting this flag pattern since the start of the month. This pair is currently sitting at a crucial area. We could see a break out of this flag pattern which would indicate a move back up to the previous high at 114.5.
With the Dollar showing signs of weakness last week and today. Could we see EURUSD breaking up, out of the bull flag to reach 1.1400?
This would respect the up-trend that this pair is currently in.
